UAE to provide $1b fresh loan to Pakistan, agrees to roll over existing $2b debt

UAE to provide $1b fresh loan to Pakistan, agrees to roll over existing $2b debt

Prime Minister Shehbaz Sharif invites UAE investors to explore opportunities in key sectors

The President, His Highness Sheikh Mohamed bin Zayed Al Nahyan with Pakistan Prime Minister Muhammad Shehbaz Sharif in Abu Dhabi on Thursday/

Published: Thu 12 Jan 2023, 8:33 PM

The UAE has agreed to roll over the existing loan of $2 billion to Pakistan and said it will provide additional $1 billion loan that will help boost foreign exchange reserves of the country and stabilise the economy.

The decision was taken during a meeting with the President, His Highness Sheikh Mohamed bin Zayed Al Nahyan and Pakistan Prime Minister Muhammad Shehbaz Sharif, who arrived in Abu Dhabi on a two-day official visit of the UAE on Thursday.

This is the third visit of Shehbaz Sharif since he assumed powers in April last year after a successful no-confidence move against the cricketer-turned politician Imran Khan.

Sheikh Mohamed bin Zayed welcomed Prime Minister Sharif to Abu Dhabi and wished progress and prosperity for Pakistan. He praised the historical relations between the two nations and the valuable contributions made by the Pakistani community in the UAE.

Both leaders discussed the fraternal relations existing between the two countries and explored ways to further strengthen these ties in the